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Thursday, June 23, 2011

#32 Nifty Update

Bulls were on the winning edge in the crucial match against bears today. Rahul Dravid , the wall of India saved team against WI yesterday while "wall of stock market" i.e., Reliance Industries saveddalal street with 2.92% not out. Bulls won the match by 41.70 points to achieve the target of 5320. A Bullish engulfing pattern is witnessed i.e., a long bull candle covered previous bear candlecompletely. Is this the end of the bear run??? Nope...We cannot confirm unless the closing is over 5350. A probable upside head and shoulder has been formed on daily chart. TATA Motors, TCS and HeroHonda gave some support to the move of NIFTY. GTL is one of the most talked stock on dalal street due to its 80% decline in last 3 session but still I suggest "AVOID NEW POSITIONS" in the stock. There arealmost 50 companies which includes Hero Honda, Shree Renuka sugars, Alok txt, Tata Global , tata Power and many more whose more than 25% shares are pledged which is weak signal for new positions for the same. I will try to provide with list of those 50 stocks in a day or 2. So, Strategy for NIFTY is wait and watch until the close is